RULING

Clement Skinner J:

This is the hearing of the plaintiff's application for summary judgment under .

Before the merits of the substantive application could be argued, the defendants raised two preliminary issues. They are:

(i) that the statement of claim does not disclose a reasonable cause of action against them ('the first issue');

and

(ii) there was delay in filing the O 14 application ('the second issue').

The plaintiff's claim is for the sum of RM11,691,343.17 as at 19th March 2000 together with interest thereon at the rate of 3.5% per annum on monthly rests above the plaintiff's Base Lending Rate until date of full and final payment. This is set out in paras 13 and 14 of the statement of claim. The basis of the claim is stated in paras 3 and 4 of the statement of claim where it is pleaded that by a letter of offer dated 22nd June 1995 and at the request of the defendants, the plaintiff granted the 1st defendant banking facilities in the form of a Standby Letter of Credit in the sum of US$3 million ('the banking facility') on the terms and conditions set out therein which the 1st defendant duly accepted. It is also pleaded that the banking facility was reviewed and renewed from